Dublin, April 15, 2024 (GLOBE NEWSWIRE) -- The "Global Building and Construction Tapes Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Building and Construction Tapes Market was valued at USD 5.88 billion in 2023, and is projected to reach USD 8.16 billion by 2029, showcasing a CAGR of 5.61%.
The global building and construction tapes market is highly competitive, characterized by several key players striving to maintain their market position through product innovation, strategic partnerships, and geographical expansion. Major companies such as 3M, IPG, and Tesla dominate the global building and construction tapes market with their extensive product portfolios, technological expertise, and global reach. These companies focus on offering a wide range of adhesive tape solutions tailored to the diverse needs of the construction industry, including bonding, sealing, insulation, and surface protection.
Additionally, smaller, regional, and emerging market entrants contribute to the competitive landscape by offering niche products and catering to specific market segments. With increasing demand for high-performance and sustainable tape solutions, competition intensifies, driving companies to invest in research and development to stay ahead in this dynamic market.
APAC dominated the global building and construction tapes market share, accounting for over 35% of global revenue 2023. The high market share can be attributed to the booming construction sector, growing middle-income group population, and technological advancements driving the adoption of innovative construction tape solutions. In addition, the APAC region is also expected to witness the fastest growth in the coming years.
APAC's rapid urbanization, infrastructure development, and burgeoning construction industry, particularly in countries like China, India, Indonesia, and other Southeast Asian nations, fuel the demand for building and construction tapes. Moreover, increasing investments in residential and commercial construction projects, supportive government initiatives, and rising disposable incomes are further expected to propel market growth in the region.
MARKET TRENDS & OPPORTUNITIES
Digitization in Construction
Integrating digitization into construction practices is a significant trend impacting the growth of the building and construction tapes market. Digital solutions and smart tapes with sensors for monitoring structural conditions and performance are gaining traction, offering enhanced efficiency, accuracy, and real-time insights into construction processes. These technologies enable contractors and builders to optimize tape usage, track project progress, and ensure quality control, improving productivity and cost savings.
As digitization continues to reshape the construction industry, the demand for advanced building and construction tapes equipped with digital capabilities is expected to grow, driving market expansion and innovation in tape solutions.
Global Construction Growth
Global construction and infrastructure development growth drives the building and construction tapes market. Tapes are integral in various construction applications, such as bonding, sealing, and insulation. As construction activity expands worldwide, fueled by urbanization, population growth, and government investments in infrastructure projects, the demand for building and construction tapes continues to rise. Tapes are critical in enhancing construction processes' efficiency, durability, and safety, ensuring structural integrity and weatherproofing in diverse construction projects.
With the construction industry poised for continuous growth across residential, commercial, and industrial sectors, especially in regions such as APAC, Latin America, and the Middle East & Africa, the building and construction tapes market is expected to expand alongside, catering to the evolving needs of construction professionals and projects globally.
INDUSTRY RESTRAINTS
Competition From Alternatives
Competition from alternatives poses a significant challenge to the growth of the building and construction tapes market. Alternative solutions such as mechanical fasteners, sealants, and adhesive compounds offer viable substitutes for tapes in various construction applications. These alternatives may offer comparable or superior performance characteristics, driving builders and contractors to explore alternative options.
Additionally, advancements in construction techniques and materials may further expand the range of alternatives available, reducing the reliance on tapes for bonding, sealing, and insulation tasks. Tape manufacturers must focus on product innovation to address this challenge, highlighting tapes' unique benefits and advantages over alternative solutions while offering tailored solutions to meet specific construction needs and challenges.
INSIGHTS BY TYPE
The global building and construction tapes market, segmented by type into adhesive and non-adhesive tapes, is characterized by the dominance of adhesive tapes, holding a more significant share due to their versatility and wide-ranging applications. Adhesive tapes, which utilize pressure-sensitive adhesives to bond materials together, offer robust and reliable adhesion, making them essential for various construction tasks such as bonding, sealing, insulation, and surface protection.
These tapes are favored for their ease of use, flexibility, and ability to adhere to various surfaces and substrates. In contrast, non-adhesive tapes, including barrier and caution tapes, serve more specialized purposes such as marking, delineating, or warning and thus have a narrower range of applications in the construction sector.
INSIGHTS BY MATERIAL
The global building and construction tapes market by material is segmented as polyethylene, polypropylene, foam, metal foil, and other materials. Polyethylene tapes, known for their versatility and durability, hold the largest market share at approximately 30%, utilized for sealing, insulation, and surface protection due to their excellent moisture resistance and adhesion properties. Polypropylene tapes, offering similar benefits with added strength and chemical resistance, find applications in sealing and bundling tasks. Foam tapes provide cushioning, insulation, and sealing properties and are commonly used in areas requiring vibration damping and soundproofing.
Further, metal foil tapes, known for exceptional heat resistance, are favored for HVAC duct sealing and thermal insulation and are expected to grow at a higher segmental CAGR of over 6% due to increasing demand for energy-efficient buildings.
INSIGHTS BY PRODUCT
The double-sided tape product segment held the most significant share of the global building and construction tapes market 2023. The double-sided tapes, known for their versatile bonding capabilities, have a significant share due to their widespread use in seamlessly bonding two surfaces together, enhancing structural integrity, and providing aesthetic appeal. These tapes are widely used for installing architectural elements, such as trims, moldings, and panels, and for attaching signage, mirrors, and displays to walls, ceilings, and facades. Additionally, double-sided tapes are utilized for splicing, laminating, and joining materials in roofing, flooring, and insulation systems.
INSIGHTS BY FUNCTION
The global building and construction tapes market by function is segmented into sealing, bonding, insulation, safety marking, soundproofing, and other functions. The sealing segment held the most prominent segmental share in 2023. Sealing tapes provide airtight and watertight seals, commonly used for sealing joints, seams, and gaps in building envelopes, windows, and doors.
Also, other function tapes, such as anti-slip and surface protection tapes, cater to specific construction needs, providing solutions to safety and surface protection requirements. Collectively, these tapes enhance the efficiency, durability, and safety of construction projects across various applications and industries, thus helping drive the growth and expansion of the overall building and construction tapes market.
INSIGHTS BY END-USER
The global building and construction tapes market by end-user is segmented into residential, commercial, and industrial. The residential sector holds the most significant segmental share due to its extensive use of tape in various construction and renovation projects. As the population grows and urbanization accelerates, the demand for residential housing will remain robust, further fueling the need for building and construction tapes.
Furthermore, commercial establishments such as office buildings, retail outlets, and hospitality venues require tapes for various applications, including bonding, sealing, insulation, and surface protection. While the residential sector holds the greatest share owing to the growth in middle-income groups worldwide, the growth in the commercial sector from regions like the Middle East & Africa, and Latin America has led to it having the highest CAGR of over 6% amongst all the subsegments.
INSIGHTS BY SALES CHANNEL
A diverse distribution landscape catering to the varied needs of consumers characterizes the building and construction tapes market by sales channel. Offline distribution channels, such as hardware stores and specialty construction supply outlets, provide immediate access to tapes for local contractors and builders. These channels offer personalized service and on-the-spot product availability, contributing to their significant market share.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 365 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $5.88 Billion |
| Forecasted Market Value (USD) by 2029 | $8.16 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
Market Opportunities & Trends
- Adoption of Advanced Materials
- Increased Focus on Sustainability
- Rise of Digitization in Construction Industry
- Increased Focus on Customization and Specialization in Construction Industry
Market Growth Enablers
- Growth in Global Construction Output & Infrastructure Development
- Rapid Urbanization and Population Growth
- Increase in Renovation and Remodeling Projects
Market Restraints
- Volatility in Raw Material Prices
- Possibilities of Economic Downturn or Recession
- Availability of Alternatives/Substitutes Increases Competition
Key Company Profiles
- 3M
- IPG
- Nitto Denko
- Scapa
- Tesa Tapes
Other Prominent Vendors
- Advance Tapes International
- Arkema
- AVERY DENNISON CORPORATION
- Berkshire Hathaway
- Berry Global Group
- Boyd
- Carolina Tape & Supply
- DULUX
- DuPont
- Echo Engineering & Production Supplies
- H.B. Fuller
- illbruck
- K+K Klebetechnik
- LINTEC
- Lohmann
- PPM Industries
- SABA
- Saint-Gobain
- Shurtape Technologies
- Sika
- Stanley Black & Decker
- Tenacious Tapes
- ubis
- USG
- XFasten
For more information about this report visit https://www.researchandmarkets.com/r/rx288c
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